olivLaw · European equity research
Renishaw plc RSW.L
United Kingdom · London Stock Exchange · ISIN GB0007323586 · Vertical: Listed companies from United Kingdom
Renishaw plc designs, manufactures and sells precision measurement and control products for precision manufacturing, automation and emerging sectors. In fiscal 2026 revenue rose to a record £815.8m, and the growing use of its technology in industrial processes makes the company relevant over the long term.
At the close of 05 Nov 2026, Renishaw plc (RSW.L) stock was 47.32 GBP (−4.98% on the day), with market capitalisation 3.4 bn GBP, P/E 28.9 on diluted EPS of 1.64 GBP over the last 12 months, dividend yield 1.65%, beta 1.17, 52-week range 33.25–59.90 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 32.0
- weak (30–45)
- Bollinger (20, 2)
- 48.96 – 58.83
- below the lower band · %B -0.17 · band width 18.3%
- SMA 50 / 200
- 53.68 / 47.76
- mixed trend
- MACD (12, 26, 9)
- -1.13 / -0.39
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −21.0% | −0.6% | −20.4 pp | — |
| 3 months | −8.4% | −4.2% | −4.2 pp | — |
| 6 months | −8.0% | +4.3% | −12.4 pp | — |
| Year to date | +34.8% | +7.5% | +27.3 pp | — |
| 1 year | +36.4% | +9.9% | +26.4 pp | +5.8% |
| 3 years | +57.6% | +49.8% | +7.8 pp | +26.3% |
| 5 years | −7.8% | +42.8% | −50.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 24.8, median 27.8, max 31.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 691.3 m | 713.0 m | 815.8 m |
| Revenue YoY | unavailable | +3.1% | +14.4% |
| Net income | 96.9 m | 83.8 m | 119.0 m |
| Net income YoY | unavailable | −13.6% | +42.0% |
| Diluted EPS | 1.33 | 1.15 | 1.64 |
| Diluted EPS YoY | unavailable | −13.5% | +41.9% |
| net % | 14.0% | 11.7% | 14.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 148.3 m GBP
- Financial debt
- 2.0 m GBP
- Net debt
- -146.3 m GBP
- Equity
- 984.1 m GBP
- Total assets
- unavailable GBP
- Debt / equity
- 0.00x
- Current ratio
- 4.08x
- ROE
- 12.5%
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 691.3 m | 713.0 m | 815.8 m | esef· 15 Oct 2026verified |
| Cost of revenue | 367.7 m | 384.0 m | 440.1 m | esef· 15 Oct 2026verified |
| Gross profit | 323.6 m | 329.0 m | 375.7 m | esef· 15 Oct 2026verified |
| Operating income | 108.7 m | 107.9 m | 135.3 m | esef· 15 Oct 2026verified |
| Interest expense | 2.3 m | 9.9 m | 5.0 m | esef· 15 Oct 2026verified |
| Pre-tax income | 122.6 m | 118.0 m | 150.0 m | esef· 15 Oct 2026verified |
| Income tax | 25.7 m | 34.2 m | 31.0 m | esef· 15 Oct 2026verified |
| Net income | 96.9 m | 83.8 m | 119.0 m | esef· 15 Oct 2026verified |
| Diluted EPS | 1.33 | 1.15 | 1.64 | esef· 15 Oct 2026verified |
| Dividend per share | 0.76 | 0.76 | 0.78 | esef· 15 Oct 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 122.3 m | 87.4 m | 148.3 m | esef· 15 Oct 2026verified |
| Receivables | 134.1 m | 128.5 m | 161.6 m | esef· 15 Oct 2026verified |
| Inventories | 161.9 m | 159.5 m | 181.7 m | esef· 15 Oct 2026verified |
| Current assets | 586.6 m | 628.3 m | 716.9 m | esef· 15 Oct 2026verified |
| Property, plant & equipment, net | 325.0 m | 338.3 m | 337.9 m | esef· 15 Oct 2026verified |
| Accounts payable | 21.3 m | 25.9 m | 38.2 m | esef· 15 Oct 2026verified |
| Short-term debt | 747.0 k | 764.0 k | 670.0 k | esef· 15 Oct 2026verified |
| Long-term debt | 2.8 m | 2.1 m | 1.3 m | esef· 15 Oct 2026verified |
| Current liabilities | 100.9 m | 137.5 m | 175.8 m | esef· 15 Oct 2026verified |
| Equity | 896.3 m | 925.9 m | 984.1 m | esef· 15 Oct 2026verified |
| Shares outstanding at year end | 72.7 m | 72.7 m | 72.8 m | esef· 15 Oct 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 124.1 m | 147.9 m | 110.5 m | esef· 15 Oct 2026verified |
| Investing cash flow | -31.5 m | -128.6 m | 12.9 m | esef· 15 Oct 2026verified |
| Financing cash flow | -52.7 m | -55.8 m | -63.1 m | esef· 15 Oct 2026verified |
| Dividends paid | 55.4 m | 55.4 m | 56.8 m | esef· 15 Oct 2026verified |
| Share repurchases | 0 | 154.0 k | 979.0 k | esef· 15 Oct 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.4 bn GBP
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.8% | 50 (vs peers) | 24% |
| Net margin · Quality | 14.6% | 57 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 26.9x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 4.1x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 28.9x | 6 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.7% | 24 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality53/100 · 2/3 factors with a value
- Returns· partial24/100 · 1/2 factors with a value
- Valuation· partial6/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RENISHAW P L C (RSW.L). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 815.8 m GBP in 2026; YoY growth 14.4%; net margin 14.6%; ROE 12.4%.
The estimated value range is 13.06–18.97 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 16.03 GBP, the price of 47.32 GBP leaves a potential of -66.1% (value / price − 1) and a margin of safety of -195.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 26.9x
- Current ratio: 4.1x
What contradicts it
- P/E (TTM): 28.9x
- Shareholder yield (distributions): 1.7%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| RSW.LRenishaw P L C | 3.4 bn | 28.9 | 12.4% | 14.6% | +14.4% | +36% / +51% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for RSW.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 30.76 Total return -34% · Per year -34% | 54.14 Total return 16% · Per year 16% | 81.22 Total return 74% · Per year 74% |
| 3 years | 36.09 Total return -19% · Per year -7% | 70.86 Total return 56% · Per year 16% | 115.81 Total return 153% · Per year 36% |
| 5 years | 42.35 Total return -2% · Per year -0% | 92.75 Total return 109% · Per year 16% | 165.13 Total return 266% · Per year 30% |
- Exit P/E± 17.72
- Net margin± 12.40
- Annual revenue growth± 9.30
- Annual dilution± 1.04
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Renishaw plc designs, manufactures and sells precision measurement and control products for precision manufacturing, automation and emerging sectors. In fiscal 2026 revenue rose to a record £815.8m 1, and the growing use of its technology in industrial processes makes the company relevant over the long term.
SWOT
Strengths
- A strong intellectual property portfolio and sustained research and development investment that set the company apart from competitors 1.
- A reputation for precision and reliability in fully automated production, which makes its products the choice for high-value machines 1.
- A solid cash position and the ability to fund growth from reinvested profits 1.
Weaknesses
- The margin of the Specialised Technologies segment is very low, showing that some investments have not yet turned into profit 1.
- Cash flow conversion fell in fiscal 2026 because of higher working capital, which points to pressure on cash flows 1.
- The deployment of Microsoft Dynamics 365 met challenges during the year and the related risk has increased 1.
Opportunities
- Demand for measurement integrated into production processes and factory automation could open opportunities for new software and sensor products 1.
- Recent launches such as the RMP400S and RUP60 probes could support growth in high-value segments 1.
- Demand for robotics and for higher robot arm precision in car manufacturing could extend applications for calibration and control tools 1.
Threats
Risks
- Supply chain dependencieshigh
Geopolitical tensions and trade policy have raised the risk for components tied to rare earth materials and for regions with high dependence, and the company has classed this as a principal risk 1.
- Geopolitical tensions and trade controlshigh
Changing tariffs and export controls in the USA and China, along with the conflict in the Middle East, have increased the company's exposure 1.
- Industry demand volatilitymedium
Customer demand from semiconductors and aerospace and defence rose significantly from October 2025, which could be followed by later swings in orders 1.
- Cyber and AI riskmedium
Greater use of artificial intelligence and state-sponsored activity could expose systems and intellectual property to attacks 1.
- Low-price competitionlow
The appearance of competitors in emerging markets offering comparable products at lower prices has accelerated, although they have limited international reach for now 1.
Investment thesis
What would need to be true (bull case)
- Record revenue growth and improving profitability could continue if demand from semiconductors, automation and defence stays solid 1.
- The intellectual property portfolio and reputation for precision could support pricing and good margins in high-value segments 1.
- If new product launches and metrology software gain traction in the market, they could support more diversified growth over time 1.
What would break the thesis
- Geopolitical tensions and tariffs could slow sales and complicate the supply chain, particularly in the USA and China 1.
- Semiconductor cyclicality could lead to a rapid fall in demand if investment in that sector eases 1.
- Weaker cash conversion and difficulties with the IT system could weigh on operational efficiency if the problems persist 1.
What to watch
- Trend in semiconductor demand and whether the super-cycle in Position Measurement continues2027
- Effect of tariffs and trade controls on revenue in the USA and ChinaQ1 2027
- Return of cash flow conversion to target level after the rise in working capitalnext 10-K
- Market reception of the RMP400S and RUP60 probes at autumn 2026 trade shows2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Renishaw designs, manufactures and sells innovative products that solve its customers' technological challenges, focusing on sensors, measurement and control systems, encoders and additive manufacturing systems 1. The company says it has funded its growth by reinvesting profits and holds a strong cash position, which lets it continue developing its strategy 1. Renishaw operates through 57 locations worldwide that provide local customer support and technical expertise 1.
The business model rests on long-term customer relationships, a strong intellectual property portfolio and sustained research and development investment 1. The company manufactures most of its products itself, while simpler versions of some patented products are subcontracted 1. Renishaw relies on global and local suppliers for high-quality components and materials 1.
In July 2025 Renishaw reorganised its business into three segments, grouped by similar end-user markets and demand drivers, aiming at innovation-led growth in established and emerging markets 1. Each segment director is now a member of the Executive Committee, and the structure is designed to focus the Group strategically 1.
Segments
Industrial Metrology
Industrial Metrology is the largest segment and makes sensors, measurement systems and software that verify machines and machined parts 1. In fiscal 2026 segment revenue rose to £447.4m, with adjusted operating profit of £76.7m 1. Growth was supported by demand for automated measurement and by gauging system sales, while sales of machine tool and CMM sensors were flat owing to weakness in EMEA 1.
Position Measurement
Position Measurement makes encoders that provide electronic feedback on machine motion, used in robotics, automation and semiconductor manufacturing 1. The segment earned £260.9m of revenue in fiscal 2026 and grew 29.2% at constant exchange rates, the strongest growth in the Group 1. Management describes the semiconductor sector as a 'super cycle' with very high investment across the supply chain 1.
Market context
Management estimates the combined addressable value of Renishaw's segment markets at £7bn 1. Industrial Metrology serves manufacturers in aerospace and defence, automotive and consumer electronics, while Position Measurement depends on demand from semiconductors and robotics 1. The company says its key markets have strengthened, and its five-year revenue growth was 10.0% for Position Measurement and 5.5% for Industrial Metrology 1.
Demand remains uneven: in Industrial Metrology sales of CMMs and machine tool sensors were flat in EMEA, while in Position Measurement semiconductor demand has risen strongly since October 2025 1. The shift toward more automated and 'smart' factories supports longer-term demand for measurement products built into production processes 1.
Trends
- Automation and smart factoriestailwind
More customers are integrating measurement into shopfloor processes, and newer metrology software lets data from measurement and CNC machines be used to automate process control 1. This trend could support demand for Renishaw products if adoption continues 1.
- Defence spending and backup powertailwind
Significant global investment in defence and reinvestment in internal combustion engine manufacturing, particularly in the USA, along with demand for backup generators for data centres, are factors that could support orders 1.
- Geopolitical tensions and tariffsheadwind
Changing tariffs and trade controls in the USA and China, as well as the conflict in the Middle East, have raised geopolitical risk, and customers are diversifying supply chains across multiple regions 1. These could complicate sales and costs if tensions persist 1.
- Cyclical semiconductor demandmixed
The semiconductor sector is highly cyclical, and the current wave of strong investment supports Position Measurement, but a reversal in demand could quickly reverse that growth 1. Management also noted renewed demand-driven constraint in the global electronics market 1.
Competitive position
Renishaw says it maintains its position through innovation, its reputation for precision and its global support network, which allows rapid transfer of engineering knowledge 1. It acknowledges rising pressure from competitors in emerging markets offering comparable products at lower prices, although these still have limited international reach 1.
Competition includes established makers of measurement and automation systems as well as newer local players in emerging markets 1. Competitors' adoption of new technologies in design and manufacturing could give them advantages through shorter development cycles and lower production costs 1.
- Local suppliers in emerging markets
Competitors offering comparable products at lower prices, active mainly in their domestic markets with limited international reach, according to the annual report 1.
- Established measurement system makers
Companies competing in industrial metrology and CMMs, mentioned in general terms in the annual report 1.
- Encoder and motion control suppliers
Competitors in the Position Measurement segment serving robotics, automation and semiconductors 1.
- Metrology software providers
Competitors in metrology software and the integration of data from CNC machines 1.
News & filings
In the press
- Renishaw Rides the AI Chip Boom to Record ResultsYahoo Finance — News · 23 Sept 2026 · EN
- Renishaw Gets a Semiconductor UpgradeYahoo Finance — News · 11 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202615 Oct 2026
- Annual report 202514 Oct 2025
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Renishaw plc · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.